$2)$ Prepare Closing Entries using this information from a worksheet

Frank's Handyman Services

Income Statement

Revenue from Services $$105,000$

Supplies Expense $$4,000$

Salaries Expense $33,000$

Insurance Expense $1,600$

Amortization Expense $-$ Building $3,400$

Utilities Expense $3,400$

$$45,400$ $$105,000$

Net Income $59,600$

$$105,000$ $$105,000$

Owner withdrew $$10,000$ at year end

$3)$ Prepare a Classified Balance Sheet using information from Adjusted Trial Balance

Cash $$85,000$

Accounts Receivable $6,490$

Prepaid Insurance $1,800$

Office Supplies $750$

Office Equipment $10,300$

Accum. Amort $-$ Office Equip. $$4,810$

Land $200,000$

Accounts Payable $5,931$

Interest Payable $2,600$

Long Term Note Payable $29,000$

I. Crane, Capital $91,674$ start total

I. Crane, Withdrawals $16,000$ minus

Consulting Revenue $198,000$ add

Insurance Expense $1,575$ minus

Rent Expense $8,000$ minus

Amort. Expense $-$ Office Equip. $2,100$ minus

Totals $$332,015$ $$332,015$

$****$a $$4,500$ installment on Note Payable is due within $1$ year

$2.*$Calculate Current Ratio